Every year, IRS Form 990-PFs are filed with inaccuracies and mistakes that can be costly to a foundation’s wallet and reputation. Private foundations that don’t have the in-house technology to meet this requirement may seek assistance from tax advisors to avoid these errors. One such example is that starting with the 2020 tax year, Form... Read More
It’s December and your foundation wants to fulfill its payout requirement within the calendar year. What can you do? Tips for meeting your payout requirement: Ask your local community foundation, association of grantmakers, or giving circles for information about community needs and nonprofits they support. Consult with members of the faith community. Ask your government... Read More
Senators Chuck Grassley (R-IA) and Angus King (I-ME) introduced bipartisan legislation that aims to reform private foundations, and ensure that charitable dollars held in donor advised funds (DAFs) are distributed to working charities in a reasonable period of time. A joint press release states: “Donor-advised funds currently have more than $140 billion set aside for... Read More
Foundation trustees have many responsibilities, but fulfilling their legal duties probably tops the list. As such, it’s important that you know the rules and where trustees trip up most. Beyond the law, there are many things foundations can do, such as having a clear mission statement and healthy decision-making process, to help trustees stay out... Read More
I worked for a nonprofit organization for several years and remember taking boxes of letters and envelopes home to fold, stuff, and seal because we couldn’t afford to pay a service to do it. When I started working at a foundation, I overlooked funding needs such as those, I’m ashamed to admit. We as funders... Read More
As we enter the new year and decade, I want to call your attention to an important piece of legislation passed by Congress and signed into law by the President in the closing days of 2019 that has significant implications for those of us in the world of private foundations. The “Further Consolidated Appropriations Act,... Read More